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Kotak Income Protection plan

A Pure Protection Life Insurance Plan

In this uncertain world, we all are striving to make one thing certain that the future of ours & our loved ones is financially secured and worry-free. It’s better to plan now when the going is good, before the going gets tougher! Ensure a better future for your loved ones even in your absence with Kotak Income Protection Plan - a plan that provides Monthly Income which increases @ 6% p.a. compounding for the remaining policy term in the unfortunate event of your death along with a lump sum Assured Benefit to take care of immediate requirements.

Key features

Increasing Monthly Income

This plan ensures that the chosen Monthly Income increases @ 6% p.a. compounding. So, every year your Monthly Income can grow to 106% of the previous year's Monthly Income from the end of 1st Policy year onwards.

Guaranteed payout period of Monthly Income

This plan offers a minimum guaranteed payout period for the Monthly Income of 5 years in case the balance Policy Term (at the time of death of the Life Assured) is less than 5 years.

Assured Benefit as lump sum on Death

In the unfortunate death of the Life Insured during policy term, the nominee will receive an Assured Benefit (equal to 12 times of the Increased Monthly Income in the Policy Year of death) in lump sum to meet immediate expenses.

Eligibility

Age criteria

Entry Age: 18 - 60 years

Maximum Maturity Age: 70 years

Monthly Income Level

Minimum: 20,000

Maximum: No limit, subject to underwriting acceptance

Note: The initial Income chosen by the policyholder should be less than or equal to his / her current Monthly Income

Policy

Policy Term

For Regular Pay: 10-30 years

For 12 Pay: 17-30 years

For 15 Pay: 20-30 years

Premium

Minimum: Will be determined basis Monthly Income chosen, age, gender, smoking status, policy term and the Premium Payment Option chosen, Max: No limit but subject to underwriting consideration

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Read about Tax benefits & Plan Disclaimer

Tax Benefits & Disclaimers

You may avail of tax benefits under Section 80C and Section 10(10D) of Income Tax Act, 1961 subject to conditions as specified in those sections. Tax benefits are subject to change as per tax laws. You are advised to consult your Tax Advisor for details. Goods and Services Tax & Cess shall be levied over and above premium amount shown here as per applicable tax laws.

Terms and conditions

Insurance is the subject matter of solicitation. This is a non-participating non-linked protection plan. For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale. For details on riders, please refer to the Rider Brochure.

BEWARE OF SPURIOUS / FRAUD PHONE CALLS
IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.

Beware of spurious emails with ficticious/fraudlulent offers. Persons receiving such emails mentioning Kotak Life are requested to highlight the same immediately to kli.riskcontrol@kotak.com with "Spurious Email" in the subject line.

Trade Logo displayed above belongs to Kotak Mahindra Bank Limited and is used by Kotak Mahindra Life Insurance Company Ltd. (formerly known as Kotak Mahindra Old Mutual Life Insurance Ltd.) under license.